All Forum Posts by: Pete Sanchez

I bought a property in Texas via Subject-To. I resold it via Wrap Around. Looking for an insurance agent/company that can insure all parties.

1. Underlying Mortgage

2.  2nd Mortgage  (ME)

3. New Wrap Around Buyer 

4. Underlying Mortgage Holders as Additional Insured. 

@Account Closed  Xencall told me today there 120 per seat. How did you get $ 90 ?

@robert Im talking about after refinance say you have it at 75% LTV.

You than do seller finance note (wrap around) at 100% of value instead of tenants who dont value your rentals.

To be the bank versus landlord.

Investment Info:

Single-family residence fix & flip investment in Brawley.

Purchase price: $110,000

Acquired via short sale. Raised 100% private money. Repairs 27k. ARV 225k.

What made you interested in investing in this type of deal?

My niche is in short sales.

How did you find this deal and how did you negotiate it?

Crazy but off the MLS. Realtor didn't know short sales and area to well. Offered my expertise. Agent double ended deal.

How did you finance this deal?

Private money 100%

How did you add value to the deal?

I helped the listing agent with my vast experience in short sales.

What was the outcome?

Will be listed in about 1 week or less. 70k ish profit

Lessons learned? Challenges?

New area I ventured into. Considered rural so make sure you have private money cuz hard money is harder to get in rural farm areas.

After doing brrrr has anyone created a seller financed note instead of renting it out. Avoids dealing with tenants. 

How can i make this work. I made offer on property. 165k includes repairs. ARV 210k. Loan officer says I can refi at 80% but must show paper trail.

 Im using private money from lady I met through church as 1st position trust deed. My parents would help as credit partners on refi.

I came across this group back in 2008. I was 24 at the time. I'm so glad I invested the 20k to join. I partnered up on my 1st short sale flip with someone in the renatus community and we made 50k on it.  Than it was 40k, than 10, 15k, 30k, checks. I bought out of state rentals and 4 unit complex. I lived in 1 and rented out the others. This education is amazing!!

I'm still active. I lead the San Diego Market. We have weekly study groups, we call home owners, door knock. So amazing!!!  Nothing like it. 

seller is accepting my cash offer.

Property is outside city ordinances. I haven't done this type of deal yet.

What are things I need to be asking, looking into,etc...?

Pete

California investor here. Looking to do first wholesale in  state of Alabama.   Here in ca I just use realtor purchase agreements so not sure about Alabama.

Anyone got a contract I can use for Alabama?

Pete